Increase basis on rental property after renovations

[Lyle Cooper]

I renovated my home myself (I'm a contractor) over the course of 2017 and 2018. I rented the property in 2018. I did extensive renovations.

I'd like to increase the basis of my home with the cost of items like: Kitchen appliances, cabinets, Bathroom fixtures, lighting, tile etc.

How should I categorize items like sheetrock, paint, studs and other building materials?

I'd like to expense the tools and supplies I bought for the job - can I do that?

In terms of my own labor, can I expense it, or can I add it to the basis of my home.  Its well over 1500 hours.

I don't know if this helps in any way - at the end of 2018 I bought a multi-family property which I placed into service right away.

[Eamonn McElroy]

@Lyle Cooper

Unfortunately what you're asking can't be answered in a single forum post.  Entire 8 hour CPE classes are taught on the tangible property regs.

I recommend you use IRS Pub 527 and 535 as guides if you're going to DIY your tax returns.

You should have filed your best estimate for 2018 by 10/15...now you're looking at failure-to-file penalties for that tax year.